How to Quickly Turn Around Your Credit Score
One of the most important aspects of your personal or business finances is your credit score. A favorable score can assist you in obtaining approval for a loan to buy a vehicle or a home and help you get favorable terms on a mortgage. It can also make it easier to get approved for top quality credit cards that offer travel miles and points as rewards.
Fixing a deficient credit score takes persistence and patience, but you can accomplish this goal over time if you follow these strategies.
Make Payments on Time
Your payment history is the most important single factor in the assessment of your credit score. Missed or late payments remain as black marks in your credit history for several years, so it takes time to turn this trend around. From this moment forward, resolve to make all your payments on time or early. If you have difficulty remembering to pay your bills on time, make your regular monthly payments automatic.
Eliminate Revolving Credit Balances
Another method of improving your credit score is by paying down the revolving accounts for your credit cards and other credit lines. Focus on eliminating the debt in one account as you pay the minimums on the rest. Once you have completely paid off one account, move on to the next. In time, you’ll pay off all your debt, and your credit score will soar.
Take Your Time
There is no overnight fix for a low credit score. It takes time to permanently repair credit. The key is in forming good financial habits and sticking to them. Additionally, avoid the temptation to add to the credit you have by acquiring new credit cards, new accounts, or increased credit limits. Ultimately, you control your credit habits and credit score.
For more advice on improving your credit score, get in touch with Commercial Capital Lending.